Cedar Street Companies won a key city approval for a 260-unit apartment complex on the Near West Side.
The Chicago Plan Commission on Thursday endorsed the local developer’s $30 million plan to redevelop the old Salvation Army Freedom Center at 1515 West Monroe Street into a transit-oriented building with ground-floor retail.
The five-story building would have only nine parking spaces, but Cedar Street will lease at least 30 more spots nearby. Some 101 of the units will be studios, with 46 set aside to comply with the city’s affordable housing requirements. Cedar Street will look to provide six more affordable housing units offsite, officials said.
The project is expected to be completed in Spring 2020.
The plan now goes on to the full City Council, which meets next week.
The property, which is close to the booming Fulton Market district, had been home to the Salvation Army center for a century before it moved to Humboldt Park in 2015.
Cedar Street paid $21 million for the site in October 2015, according to Real Capital Analytics, securing a $15 million mortgage on the property at the time from RRA Companies.
Cedar Street has been a prolific developer in recent years through its various subsidiaries including the FLATS brand. It has a massive project to bring 710 apartments and 45,000 square feet of retail space to Uptown. [Block Club Chicago] — John O’Brien